Lake Street Capital Issues Pessimistic Forecast for Ooma (NYSE:OOMA) Stock Price

Ooma (NYSE:OOMA) had its price target dropped by Lake Street Capital from $18.00 to $17.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Lake Street Capital’s price objective points to a potential upside of 21.06% from the stock’s current price.

OOMA has been the topic of a number of other reports. Benchmark boosted their price target on shares of Ooma from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday. Northland Securities raised their price objective on shares of Ooma from $16.00 to $18.00 and gave the company an “outperform” rating in a research note on Thursday, December 5th. B. Riley upped their target price on shares of Ooma from $14.50 to $15.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, StockNews.com upgraded shares of Ooma from a “buy” rating to a “strong-buy” rating in a report on Friday, December 6th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Ooma currently has a consensus rating of “Buy” and a consensus target price of $17.00.

Ooma Trading Up 2.1 %

Shares of NYSE:OOMA traded up $0.29 during midday trading on Wednesday, reaching $14.04. 204,172 shares of the company’s stock were exchanged, compared to its average volume of 112,308. The stock has a market cap of $379.16 million, a price-to-earnings ratio of -37.95 and a beta of 0.96. Ooma has a fifty-two week low of $6.50 and a fifty-two week high of $17.00. The firm’s 50 day simple moving average is $14.42 and its two-hundred day simple moving average is $13.07. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.08 and a quick ratio of 0.82.

Insider Buying and Selling at Ooma

In related news, SVP James A. Gustke sold 3,582 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $17.00, for a total transaction of $60,894.00. Following the completion of the transaction, the senior vice president now owns 27,675 shares in the company, valued at approximately $470,475. The trade was a 11.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Andrew H. Galligan sold 14,824 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $14.56, for a total value of $215,837.44. Following the completion of the sale, the director now owns 241,932 shares in the company, valued at approximately $3,522,529.92. This represents a 5.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 158,457 shares of company stock valued at $2,413,132. Insiders own 9.76% of the company’s stock.

Hedge Funds Weigh In On Ooma

Several hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC lifted its position in shares of Ooma by 2.1% during the 3rd quarter. Jane Street Group LLC now owns 40,547 shares of the technology company’s stock worth $462,000 after buying an additional 818 shares during the last quarter. Barclays PLC boosted its stake in Ooma by 0.9% in the fourth quarter. Barclays PLC now owns 99,891 shares of the technology company’s stock valued at $1,405,000 after acquiring an additional 927 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Ooma by 0.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 179,679 shares of the technology company’s stock worth $2,047,000 after purchasing an additional 1,364 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Ooma by 26.4% during the fourth quarter. SG Americas Securities LLC now owns 12,768 shares of the technology company’s stock worth $180,000 after purchasing an additional 2,663 shares in the last quarter. Finally, Occudo Quantitative Strategies LP grew its stake in Ooma by 14.1% during the 4th quarter. Occudo Quantitative Strategies LP now owns 22,957 shares of the technology company’s stock worth $323,000 after buying an additional 2,833 shares during the last quarter. 80.42% of the stock is currently owned by hedge funds and other institutional investors.

Ooma Company Profile

Ooma, Inc provides communications services and related technologies for businesses and consumers in the United States and Canada. The company's products and services include Ooma Office, a cloud-based multi-user communications system for small and medium-sized businesses; Ooma Connect, which delivers fixed wireless internet connectivity; and Ooma Enterprise, a unified-communications-as-a-service (UCaaS) solution.